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Arab countries waste billions on oil subsidies: UN report

A worker at a gas station fills a Saudi man's car with petrol in Riyadh. Arab countries are wasting tens of billions of dollars on subsidies for petrol and energy but dare not roll them back for fear of a political backlash, a UN report said. (AFP Photo/Hassan Ammar)

Arab countries are wasting tens of billions of dollars on subsidies for petrol and energy but dare not roll them back for fear of a political backlash, a UN report said. The UN Development Programme (UNDP) report this week said six of the world’s 10 biggest subsidizers are in the…

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Obama eyes tax hikes, spending cuts to curb deficit

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WASHINGTON (AFP) – US President Barack Obama will unveil his 2012 budget later on Monday, proposing a raft of spending cuts and tax hikes aimed at curbing a record budget deficit. Facing a projected $1.65 trillion budget shortfall this year — an all-time high — Obama plans to trim $90…

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Obama struggles to balance budget cuts, investment

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WASHINGTON – US President Barack Obama unveils his fiscal 2012 budget Monday, an election year plan forged from conflicting needs to cut spending and stoke the economic recovery. With vast crisis payments and sharply lower tax revenues making it difficult for the government to balance its books, Obama will set…

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